31–40 of 120 posts
What is shocking to me is how can so many boomers still have a mortgage? They could buy a house when you could easily get one for >plant to do a Skip gen trip? I have no earthy idea what this could mean but they just casually drop it in there. Thats how you can tell what social class you were born into. I had a school friend whom's grandparents were one of these in the list it seems. The bought him a 3bed/bath house…
Earlier quoted context omitted.
In many places you couldn't even buy "starter houses" like they had anymore. They wouldn't meet modern building codes. When people do manage to buy a house, it will likely be a nicer one.
It may look nicer, and have more features, but it's probably not built any better. Older homes were built with copper plumbing, plaster walls, solid hardwood floors, wood trim, and plywood subfloors, roof deck, and sheathing. New homes use PVC or PEX pipes, drywall, OSB (basically glued-up wood chips) instead of plywood, laminate floors, and plastic or styrene trim. The only things really better today are insulation…
Also, I've noticed newer houses (2000s-present) are airier and have more natural light compared to older (pre-90s) houses.
Ag, so it’s not really “eat the rich” but “eat the boomers”.
Read about revolutionaries, they really don’t care who they eat. Be prepared to be involuntarily labeled a boomer
Despite TFA coming from Visa, of all places, I found it to be a read worthy of my time. Basically, inheritances might not be as large as one might suspect, and the all that "inheritance spending lift" might already be happening (my parents are blowing my inheritance). I might take issue with the conclusion at the very bottom that GenX and Millenials are ahead of Boomers on a capital per-capita basis. That might be tr…
It is a very good read. And my only difference in option is that I think Visa of all places would be very knowledgeable about spending and where it all goes. They have an absolutely vast amount of information about how money flows in the economy, and an interest in finding out where it will flow in the future, and when.
They include the 1% in the wealth calculation, and then exclude it from the wealth transfer to say "see how much taxation is happening?"
If you don't want to include the 1% in the second number, don't include it in the first number.
80% of the GDP over the next two decades will be siphoning money out of baby boomers (medical care, retirement homes, luxury cruises) before their children see a cent of it. Coupled with AI taking everyone's job, the end result is neo-feudalism where familial dynasties call all the shots.
I had the same fears but even the boomers sitting on million dollar homes are being called “cash poor”. You still need an income. You can only refinance so much, and then you’re paying off interest. If your home 10x’s in value so does your property tax. Some people are paying $1500/mo. in property tax. They need a job just to cover it. You can’t sell the house and cash out because you need that cash to buy the next h…
This isn't how property tax works in many places (assuming you're talking about supply/demand constraint reasons and not individual property development, e.g. apartment building). There is an overall assessment being raised by the entity (e.g., county), and it is divided pro rata across property owners. In this system, if everyone's property goes up 10x, the amount they pay individually stays exactly the same.
Gen X and millennials are ahead of boomers on per capita wealth at the same age This runs counter to the popular media narrative of poor millennials, but it makes sense. Millennials rose a tailwind of surging stock prices since the '09 bottom, fat white-collar salaries (such as in tech, consulting, finance), and surging home pries, buoyed by cheap mortgages from 2010-2022 thanks to 14 years of near-zero interest rate…
And when you factor in inflation and increased housing cost the comparison starts to differ greatly.
Millennials have it pretty tough.
80% of the GDP over the next two decades will be siphoning money out of baby boomers (medical care, retirement homes, luxury cruises) before their children see a cent of it. Coupled with AI taking everyone's job, the end result is neo-feudalism where familial dynasties call all the shots.
I had the same fears but even the boomers sitting on million dollar homes are being called “cash poor”. You still need an income. You can only refinance so much, and then you’re paying off interest. If your home 10x’s in value so does your property tax. Some people are paying $1500/mo. in property tax. They need a job just to cover it. You can’t sell the house and cash out because you need that cash to buy the next h…
If the entire city goes up 10x (without corresponding general inflation), you’ll likely find the tax rate goes down because most places tax property to fund government and few places would quickly swell the city budget by 10x.
80% of the GDP over the next two decades will be siphoning money out of baby boomers (medical care, retirement homes, luxury cruises) before their children see a cent of it. Coupled with AI taking everyone's job, the end result is neo-feudalism where familial dynasties call all the shots.
I had the same fears but even the boomers sitting on million dollar homes are being called “cash poor”. You still need an income. You can only refinance so much, and then you’re paying off interest. If your home 10x’s in value so does your property tax. Some people are paying $1500/mo. in property tax. They need a job just to cover it. You can’t sell the house and cash out because you need that cash to buy the next h…
It would have if they had paid off their mortgages instead of borrowing against equity, refinancing and taking equity out, etc.
If you still owe 70-80% of your house to the bank when you retire, it's not really an asset.
What is shocking to me is how can so many boomers still have a mortgage? They could buy a house when you could easily get one for >plant to do a Skip gen trip? I have no earthy idea what this could mean but they just casually drop it in there. Thats how you can tell what social class you were born into. I had a school friend whom's grandparents were one of these in the list it seems. The bought him a 3bed/bath house…